The Asian Development Bank (ADB) said Saturday it has approved financing packages for three financial institution in Azerbaijan that amounts to approximately $120 million.

The financing packages with Finca Azerbaijan, AccessBank Azerbaijan and DemirBank will provide funds to be used by the country's micro-, small- and medium-size enterprises (MSMEs).

These companies employ approximately 42 percent of the labor force in Azerbaijan, with many pursuing individual or microsize entrepreneurial endeavors.

"Our investments in DemirBank, AccessBank and Finca show our continued support for expanding the Azerbaijani financial sector and diversifying the economy,” ADB Private Sector Operations Department
Director General
Todd Freeland
said. “The loans earmarked for agriculture will result in greater access to financing for smallholder farmers and agribusinesses, while those targeted for MSMEs will support small business owners throughout other sectors of the economy.”

The financing will also help the country diversify its economy by increasing the amount of non-oil ventures.